Asia’s oil demand is growing in the autumn, too, whereas major importers like China keep stockpiling crude, so OPEC+ was right to continue boosting supply, Alexander Dyukov, chief executive at Russian oil producer Gazprom Neft, said on Thursday.
For context, Urals crude has been stuck in a price rut thanks to a mix of global oversupply concerns, softening demand, and a shifting geopolitical landscape. But unlike previous downturns, the sting is dulled by a ruble that’s been flexing its muscles ever since Trump waltzed back into the White House.
The head of Russian oil major Gazprom Neft said on Saturday he sees no need for additional oil supply cuts by OPEC+ oil producers, days before the group is due to meet on output policy.